HOME Top Market Reports Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023

Smart Speaker Market by IVA (Alexa, Google Assistant, Siri, Cortana), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone,) and Software), Application, and Geography - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: January 2018
Report Code: SE 5897

 

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According to the new market research report, the smart speaker market was valued at USD 1.57 Billion in 2017 and is expected to reach USD 11.79 Billion by 2023, at a CAGR of 34.44% between 2018 and 2023. The base year used for this study is 2017, and the forecast period is between 2018 and 2023.

Following are the objectives of this study:

  • To define, describe, and forecast the overall smart speaker market, in terms of value and volume, segmented on the basis of intelligent virtual assistants and applications
  • To define, describe, and forecast the overall smart speaker market, in terms of value, segmented on the basis of components
  • To forecast the market size for various segments with regard to 4 main regions: North America, Europe, APAC, and RoW
  • To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the smart speaker market
  • To provide the value chain analysis pertaining to the smart speaker market
  • To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the overall smart speaker market for stakeholders by identifying the high-growth segments
  • To profile key players and comprehensively analyze their market position in terms of ranking and core competencies, and provide details of the competitive landscape for the smart speaker market leaders
  • To analyze competitive developments such as contracts, mergers and acquisitions, product developments, and research and development (R&D) in the overall smart speaker market

To estimate the size of the smart speaker market, top-down and bottom-up approaches have been considered in the study. This entire research methodology includes the study of annual and financial reports of top players, presentations, press releases, journals, paid databases, associations (such as the Wireless Speaker and Audio (WiSA) Association, Institute of Electrical and Electronics Engineers (IEEE), Smart Homes & Buildings Association (SH&BA), and Smart Cities Association (SCA)), and interviews with industry experts. The top-down approach was used to estimate the total smart speaker market size from the addition of estimated market sizes of all the segments via percentage splits from secondary and primary research.

Smart Speaker Market

To know about the assumptions considered for the study, download the pdf brochure

The smart speaker ecosystem comprises companies such as Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea). Companies profiled also cover the following key innovators: Invoxia (France), Avnera (US), Fabriq (US), D&M Holdings (Japan), and Anker (US).

Target Audience

  • Raw material suppliers
  • Original equipment manufacturers (OEMs)
  • OEM technology solution providers
  • Technology, service, and solution providers
  • Intellectual property (IP) core and licensing providers
  • Suppliers and distributors
  • Government and other regulatory bodies
  • Forums, alliances, and associations
  • Technology investors
  • End users (smart home, smart office, commercial, and automotive)
  • Research institutes and organizations
  • Analysts and strategic business planners
  • Market research and consulting firms

This study answers several questions for stakeholders, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.

Smart Speaker Market Scope:

By Intelligent Virtual Assistant

  • Alexa
  • Google Assistant
  • Siri
  • Cortana
  • Others (Xiaowei, DuerOS, Bixby, and AliGenie)

By Application

  • Smart Home
  • Smart Office
  • Consumer
  • Others (Commercial and Automotive)

By Component

  • Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone, and Others)
  • Software

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Rest of APAC
  • RoW
    • South America
    • Middle East and Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for this report:

Product Analysis

Product matrix that gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the Rest of APAC smart speaker market into Australia and Malaysia
  • Further breakdown of the RoW smart speaker market into Brazil and Argentina

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for Study
    1.4 Currency
    1.5 Limitations
    1.6 Disclaimer
    1.7 Market Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Major Secondary Sources
                    2.1.1.2 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Industry Insights
                    2.1.2.2 Primary Interviews With Experts
                    2.1.2.3 Breakdown of Primaries
                    2.1.2.4 Key Data From Primary Sources
    2.2 Secondary and Primary Research
    2.3 Market Size Estimation
           2.3.1 Bottom-Up Approach
           2.3.2 Top-Down Approach
    2.4 Market Breakdown and Data Triangulation
    2.5 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Opportunities in Smart Speaker Market During the Forecasted Period
    4.2 Smart Speaker Market for Alexa, By Application
    4.3 Smart Speaker Market for Consumer Application, By Region
    4.4 Smart Speaker Market for Smart Home Application, By IVA
    4.5 North American Smart Speaker Market, By Country
    4.6 Smart Speaker Market for Hardware, By Component

5 Market Overview (Page No. - 35)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Number of Smart Homes
                    5.2.1.2 Rising Disposable Income
                    5.2.1.3 Rapid Proliferation of Multifunctional Devices
                    5.2.1.4 Growing Trend of Personalization
           5.2.2 Restraints
                    5.2.2.1 Issues Related to Connectivity Range, Compatibility, and Power
           5.2.3 Opportunities
                    5.2.3.1 Increasing Consumer Preference for Technologically Advanced Products
                    5.2.3.2 Increasing Focus of Companies on Enhancing Customer Experience
           5.2.4 Challenges
                    5.2.4.1 High Security Risk
                    5.2.4.2 Availability of Substitute
    5.3 Value Chain Analysis

6 Smart Speaker Market, By Intelligent Virtual Assistant (Page No. - 44)
    6.1 Introduction
    6.2 Alexa
    6.3 Google Assistant
    6.4 Cortana
    6.5 Siri
    6.6 Others

7 Smart Speaker Market, By Component (Page No. - 53)
    7.1 Introduction
    7.2 Hardware
           7.2.1 Processor
           7.2.2 Memory
           7.2.3 Power IC
           7.2.4 Connectivity IC
           7.2.5 Microphone
           7.2.6 Speaker Driver
           7.2.7 Audio IC
           7.2.8 Others
    7.3 Software

8 Smart Speaker Market, By Application (Page No. - 58)
    8.1 Introduction
    8.2 Smart Home
    8.3 Consumer
    8.4 Smart Office
    8.5 Others

9 Geographic Analysis (Page No. - 69)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 UK
           9.3.2 Germany
           9.3.3 France
           9.3.4 Rest of Europe
    9.4 APAC
           9.4.1 China
           9.4.2 Japan
           9.4.3 South Korea
           9.4.4 India
           9.4.5 Rest of APAC
    9.5 Rest of the World
           9.5.1 Middle East & Africa
           9.5.2 South America

10 Competitive Landscape (Page No. - 97)
     10.1 Introduction
     10.2 Smart Speaker Market Share Analysis
     10.3 Competitive Scenario
             10.3.1 Product Launches and New Product Developments
             10.3.2 Partnerships, Agreements, and Collaborations
             10.3.3 Expansions

11 Company Profiles (Page No. - 102)
     11.1 Key Playes
(Business Overview, Products Offered, Recent Developments, Key Relationships, SWOT Analysis, and MnM View)
             11.1.1 Amazon
             11.1.2 Harman International
             11.1.3 Apple
             11.1.4 Sonos
             11.1.5 Alphabet
             11.1.6 Bose
             11.1.7 Sony
             11.1.8 Onkyo
             11.1.9 Panasonic
             11.1.10 Alibaba
             11.1.11 Pioneer
             11.1.12 Altec Lansing
             11.1.13 Lenovo
             11.1.14 Xiaomi
             11.1.15 SK Telecom
*Details on Business Overview, Products Offered, Recent Developments, Key Relationships, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
     11.2 Others Key Playes
             11.2.1 Baidu
             11.2.2 Ultimate Ears
             11.2.3 LG Electronics
             11.2.4 Mobvoi
             11.2.5 Libratone
     11.3 Key Innovators
             11.3.1 Invoxia
             11.3.2 Avnera
             11.3.3 Fabriq
             11.3.4 D&M Holdings
             11.3.5 Anker

12 Appendix (Page No. - 140)
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (71 Tables)

Table 1 Revenue Contribution From Smart Home Market in Smart City
Table 2 Smart Speaker Market, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
Table 3 Smart Speaker Market, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
Table 4 Smart Speaker Market for Alexa, By Application, 2016–2023 (USD Million)
Table 5 Smart Speaker Market for Alexa, By Application, 2016–2023 (Million Units)
Table 6 Smart Speaker Market for Google Assistant, By Application, 2016–2023 (USD Million)
Table 7 Smart Speaker Market for Google Assistant, By Application, 2016–2023 (Million Units)
Table 8 Smart Speaker Market for Cortana, By Application, 2016–2023 (USD Million)
Table 9 Smart Speaker Market for Cortana, By Application, 2016–2023 (Million Units)
Table 10 Smart Speaker Market for Siri, By Application, 2016–2023 (USD Million)
Table 11 Smart Speaker Market for Siri, By Application, 2016–2023 (Million Units)
Table 12 Smart Speaker Market for Others, By Application, 2016–2023 (USD Million)
Table 13 Smart Speaker Market for Others, By Application, 2016–2023 (Million Units)
Table 14 Smart Speaker Market, By Component, 2016–2023 (USD Million)
Table 15 Smart Speaker Market for Hardware, By Component, 2015–2023 (USD Million)
Table 16 Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 17 Smart Speaker Market, By Application, 2016–2023 (Million Units)
Table 18 Smart Speaker Market for Smart Home, By Region, 2016–2023 (USD Million)
Table 19 Smart Speaker Market for Smart Home, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
Table 20 Smart Speaker Market for Smart Home, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
Table 21 Smart Speaker Market for Consumer, By Region, 2016–2023 (USD Million)
Table 22 Smart Speaker Market for Consumer, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
Table 23 Smart Speaker Market for Consumer, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
Table 24 Smart Speaker Market for Smart Office, By Region, 2016–2023 (USD Million)
Table 25 Smart Speaker Market for Smart Office, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
Table 26 Smart Speaker Market for Smart Office, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
Table 27 Smart Speaker Market for Other Applications, By Region, 2016–2023 (USD Million)
Table 28 Smart Speaker Market for Other Applications, By Intelligent Virtual Assistant, 2016–2023 (USD Million)
Table 29 Smart Speaker Market for Other Applications, By Intelligent Virtual Assistant, 2016–2023 (Million Units)
Table 30 Smart Speaker Market, By Region, 2016–2023 (USD Million)
Table 31 North American Smart Speaker Market, By Country, 2016–2023 (USD Million)
Table 32 North American Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 33 North American Smart Speaker Market for Smart Home, By Country, 2016–2023 (USD Million)
Table 34 North American Smart Speaker Market for Consumer, By Country, 2016–2023 (USD Million)
Table 35 North American Smart Speaker Market for Smart Office, By Country, 2016–2023 (USD Million)
Table 36 North American Smart Speaker Market for Other Applications, By Country, 2016–2023 (USD Million)
Table 37 Smart Speaker Market in Us, By Application, 2016–2023 (USD Million)
Table 38 Canadian Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 39 Mexican Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 40 European Smart Speaker Market, By Country, 2016–2023 (USD Million)
Table 41 European Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 42 European Smart Speaker Market for Smart Home, By Country, 2016–2023 (USD Million)
Table 43 European Smart Speaker Market for Consumer, By Country, 2016–2023 (USD Million)
Table 44 European Smart Speaker Market for Smart Office, By Country, 2016–2023 (USD Million)
Table 45 European Smart Speaker Market for Other Applications, By Country, 2016–2023 (USD Million)
Table 46 Smart Speaker Market in Uk, By Application, 2016–2023 (USD Million)
Table 47 German Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 48 France Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 49 Smart Speaker Market in Rest of Europe, By Application, 2016–2023 (USD Million)
Table 50 Smart Speaker Market in APAC, By Country, 2016–2023 (USD Million)
Table 51 Smart Speaker Market in APAC, By Application, 2016–2023 (USD Million)
Table 52 Smart Speaker Market for Smart Home in APAC, By Country, 2016–2023 (USD Million)
Table 53 Smart Speaker Market for Consumer in APAC, By Country, 2016–2023 (USD Million)
Table 54 Smart Speaker Market for Smart Office in APAC, By Country, 2016–2023 (USD Million)
Table 55 Smart Speaker Market for Other Applications in APAC, By Country, 2016–2023 (USD Million)
Table 56 Chinese Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 57 Japanese Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 58 South Korean Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 59 Indian Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 60 Smart Speaker Market in Rest of APAC, By Application, 2016–2023 (USD Million)
Table 61 Smart Speaker Market in RoW, By Region, 2016–2023 (USD Million)
Table 62 Smart Speaker Market in RoW, By Application, 2016–2023 (USD Million)
Table 63 Smart Speaker Market for Smart Home in RoW, By Region, 2016–2023 (USD Million)
Table 64 Smart Speaker Market for Consumer in RoW, By Region, 2016–2023 (USD Million)
Table 65 Smart Speaker Market for Smart Office in RoW, By Region, 2016–2023 (USD Million)
Table 66 Smart Speaker Market for Other Applications in RoW, By Region, 2016–2023 (USD Million)
Table 67 Smart Speaker Market in Middle East & Africa, By Application, 2016–2023 (USD Million)
Table 68 South American Smart Speaker Market, By Application, 2016–2023 (USD Million)
Table 69 Product Launches and New Product Developments (2015–2017)
Table 70 Partnerships, Agreements, and Collaborations (2016–2017)
Table 71 Expansions (2016–2017)


List of Figures (47 Figures)

Figure 1 Smart Speaker Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 Smart Speaker Market for Siri to Grow at Highest CAGR Between 2018 and 2023
Figure 6 Alexa to Register Largest Shipment Between 2018 and 2023
Figure 7 Smart Home Application to Hold Largest Size of Smart Speaker Market By 2023
Figure 8 Smart Speaker Market for Software to Grow at Higher CAGR Between 2018 and 2023
Figure 9 North America Held Largest Share of Smart Speaker Market in 2017
Figure 10 Rise in Disposable Income and Willingness of Consumers to Spend More on Advanced Technologies is Driving the Smart Speaker Market
Figure 11 Smart Home to Hold Largest Size of Smart Speaker Market for Alexa By 2023
Figure 12 North America to Hold Largest Share of Smart Speaker Market for Consumer Application Between 2018 and 2023
Figure 13 Siri Smart Speaker Market for Smart Home Application to Grow at Highest CAGR Between 2018 and 2023
Figure 14 US to Hold Largest Size of Smart Speaker Market in North America By 2023
Figure 15 Speaker Driver to Hold Largest Size of Smart Speaker Market for Hardware Between 2017 and 2023
Figure 16 Increasing Customer Focus Toward Connected Devices and Growing Demand for IoT and Ai Technologies in Various Applications Driving Smart Speaker Market Growth
Figure 17 Smart Home Market Penetration
Figure 18 Installation of Connected Devices in Smart Homes Within Smart Cities
Figure 19 Conceptual Framework on Consumer Acceptance of New Technologies
Figure 20 Timeline of Smart Speakers Offered By Key Players
Figure 21 Value Chain: Smart Speaker Market, 2017
Figure 22 Smart Speaker Market for Siri to Grow at Highest CAGR Between 2018 and 2023
Figure 23 Smart Home to Hold Largest Size of Smart Speaker Market for Cortana Between 2018 and 2023
Figure 24 Smart Speaker Market for Hardware to Grow at Higher CAGR Between 2018 and 2023
Figure 25 Smart Speaker Market for Smart Office Application to Grow at Highest CAGR Between 2018 and 2023
Figure 26 Siri Smart Speaker Market for Smart Home Application to Grow at Highest CAGR Between 2018 and 2023
Figure 27 Smart Speaker Market for Other Applications in APAC to Grow at Highest CAGR Between 2018 and 2023
Figure 28 Geographic Snapshot of Smart Speaker Market USD Million (2018–2023)
Figure 29 North America: Smart Speaker Market Snapshot
Figure 30 Smart Home Held Largest Size of Smart Speaker Market in US in 2017
Figure 31 Europe: Smart Speaker Market Snapshot
Figure 32 UK Held Largest Share of Smart Speaker Market in Europe in 2017
Figure 33 APAC: Smart Speaker Market Snapshot
Figure 34 Chinese Smart Speaker Market for Smart Office to Grow at Highest CAGR During Forecast Period
Figure 35 Consumer Application to Hold Largest Size of Smart Speaker Market in Middle East & Africa By 2023
Figure 36 New Product Launch and Development are the Key Strategies Adopted By Players in Smart Speaker Market (2014–2017)
Figure 37 Ranking of Top 5 Players in Smart Speaker Market (2017)
Figure 38 Amazon: Company Snapshot
Figure 39 Harman International: Company Snapshot
Figure 40 Apple: Company Snapshot
Figure 41 Alphabet: Company Snapshot
Figure 42 Sony: Company Snapshot
Figure 43 Panasonic: Company Snapshot
Figure 44 Alibaba: Company Snapshot
Figure 45 Pioneer: Company Snapshot
Figure 46 Lenovo: Company Snapshot
Figure 47 SK Telecom: Company Snapshot

The smart speaker market was valued at USD 2.68 Billion in 2018 and is expected to reach USD 11.79 Billion by 2023, at a CAGR of 34.44% between 2018 and 2023. Major drivers for the growth of the smart speaker market are increasing number of smart homes, rising disposable income, rapid proliferation of multifunctional devices, and growing trend of personalization.

Of all the major applications of smart speakers, smart home holds the largest share of the smart speaker market. Changing lifestyle, increasing per capita income, and the inclination of smart home owners toward luxurious entertainment systems have spurred the demand for smart speakers in smart homes.

Among intelligent virtual assistants (IVAs), Alexa holds the largest share of the smart speaker market. IVA smart speaker was first launched by Amazon in 2014, giving the company the first-mover advantage. Moreover, increasing consumer preference for Alexa owing to its lower cost and more skills than other assistants fuels the demand for Alexa smart speakers across the globe.

Hardware constitutes a major portion of the smart speaker. Currently, smart speakers process a small volume of data, which requires hardware platform with computing capabilities to support basic functions such as streaming music, surfing information, making phone calls, and controlling smart devices.

Smart Speaker Market

RoW is expected to be the fastest-growing region in the smart speaker market between 2018 and 2023. Key players are targeting the Middle Eastern countries owing to high disposable income and increasing consumption of connected consumer electronics. Major drivers are the young and highly tech-savvy population, and the government efforts to transform the region from carbon-based economy to technology-based economy.

The key restraining factors for this market are issues related to connectivity range, compatibility, and power. High security risk and the availability of substitutes are major challenges facing the smart speaker market.

Companies profiled in the report are Amazon (US), Harman International (US), Apple (US), Sonos (US), Alphabet (US), Bose (US), Sony (Japan), Onkyo (Japan), Panasonic (Japan), Alibaba (China), Pioneer (Japan), Altec Lansing (US), Lenovo (US), Xioami (China), and SK Telecom (South Korea). Companies profiled also cover the following key innovators: Invoxia (France), Avnera (US), Fabriq (US), D&M Holdings (Japan), and Anker (US).

Amazon held the leading position in the global smart speaker market in 2017. Amazon is an e-commerce company offering a range of products and services through its websites. Amazon offers its own as well as third-party products across various categories through its retail website and mobile apps. It invests heavily in R&D activities, owing to which the company has launched and developed its smart speaker Echo product series. The company also offers Alexa platform to support smart speaker voice operation.

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